Do you dream of owning your own home? Are you stuck renting? This video is for you! Rent prices are at an all time high right now and it has many renters struggling to save for that down payment. If you are feeling incredibly disheartened about making practical steps towards building up your savings, you are not alone. But, don’t be too discouraged because owning your own home IS POSSIBLE! That’s right - you can do it! It will take hard work, dedication, sacrifice, and time, but your dream of being a homeowner can come true! Take a look at this week’s video for six tips for how to save while renting and get even closer to the ultimate goal of homeownership! If you found this video helpful- Like & Share! Want to see what I’ve got listed in the area and start to envision the home you’re saving for? Subscribe to my channel and stay up to date on my local listings! #JenellSteltzRealEstate🏠 #WindermereMillCreek🗝 #SnohomishCountyREAgents #SnohomishRealEstate #PNWRealEstateMarket🏡 #SnohomishWA #MillCreekWA #springcleaning #prepyourhome #curbappeal You can follow me at: Website: https://jenellsteltz.com/ YouTube: https://www.youtube.com/channel/UCG62... Facebook: https://www.facebook.com/jenellsteltz... Instagram: https://www.instagram.com/jenellsteltz/ LinkedIn: https://www.linkedin.com/in/jenell-st... ☎️ (425) 356-7033 👨🏽💻 JSteltz@Windermere.com As home prices sore, rent prices are right behind. Potential homebuyers who are outbid are forced to enter or remain in the rental market - only jacking up rent prices event further. This is a vicious cycle that is extremely hard to break - but, not impossible! Let’s look at a few ways renters can be financially wise and save up for that crucial down payment. If you are currently a renter looking to purchase a home, but struggling to save up for the down payment, don’t be discouraged or disheartened. You CAN do it! It will take time and dedication, but your dream of owning a home can come true. I recommend that you sit down, spread out your financials, and consider these six steps. First, solidify the amount you need for a down payment. Knowing your end goal is always the first step in striving for anything. So, what amount do you need to save up to make the down payment necessary for the home purchase you have in mind? To help with this sit down with a mortgage lender and see what your options are. Second, open a savings account that is specifically dedicated for the down payment. While this may SEEM like an unnecessary step, you’d be amazed how easy it is to dip into a shared account or to nickel and dime away your savings if it isn’t securely separated from your other finances. Third, take a serious look at your debt and make every effort possible to reduce it. Get out from under those interest payments and look to pay off outstanding debt. Realize that now is the time to reduce that debt to income ratio as you approach your home purchase. Forth, cut back in little ways that add up. Budget well! Strategically determine what luxuries, amenities, and hobbies you can forgo for a season. Maybe you reduce your eating out budget, explore inexpensive hobbies, or step up your couponing game. Never underestimate how little savings can add up! Fifth, consider the possibilities of moving to a less costly area, downsizing, or adding a roommate. Everyone’s situation is different, but sometimes it takes making financially frugal adjustments for a season to be able to make big steps towards homeownership in the future. And lastly, check to see if there are any assistance programs available for you. Saving for a down payment in this market is not easy and it can be even harder if you are renting while saving. However, it is not impossible! With strategic planning, dedication, and some temporary sacrifices, you can break the rent cycle and become a homeowner!